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NASRE Advises FG On Food Crisis, Forex Shortage Amid Calls To Suspend Import Ban

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As Nigeria finds itself at a critical crossroads, grappling with simultaneous challenges of a food crisis and a foreign exchange (forex) shortage.

 

This is even as the nation seeks solutions to mitigate these pressing issues, the debate over whether to open its borders for importation has intensified.

 

The food crisis gripping Nigeria has raised concerns about food security and access to essential nutrition for millions of citizens.

 

Adverse weather conditions, supply chain disruptions, and other factors have contributed to dwindling food supplies and soaring prices, placing a significant strain on households and exacerbating the vulnerability of already marginalized communities.

 

Meanwhile, the forex shortage has hampered Nigeria’s ability to import essential goods and raw materials, further exacerbating supply chain disruptions and exacerbating inflationary pressures.

 

Industries reliant on imported inputs, including agriculture, manufacturing, and healthcare, have been particularly hard hit, impeding economic growth and development.

 

In response to these challenges, some stakeholders advocate for opening Nigeria’s borders to facilitate the importation of food and other essential commodities.

 

Proponents argue that increased importation could help alleviate immediate food shortages, stabilize prices, and provide relief to vulnerable populations facing hunger and malnutrition.

 

However, others caution against the potential risks of opening borders amid a forex shortage. Critics raise concerns about the impact on domestic production and self-sufficiency, as well as the long-term consequences of relying heavily on imported goods. They emphasize the need to prioritize investments in domestic agriculture and infrastructure to build resilience against future crises.

 

As Nigeria navigates these complex issues, the government faces the daunting task of balancing short-term relief efforts with long-term strategies for sustainable development and economic resilience.

 

Proffering suggestion on how the government can address the unending inflationary pressures, Forex shortages, food prices hike and revitalise the nation’s economy, the Nigerian Association of Social and Resourceful Editors (NASRE), has advised the Nigerian government to adopt collaborative efforts involving policymakers, industry stakeholders, civil society organizations, and international partners to identify holistic solutions that address both immediate needs and underlying structural challenges.

 

On the debate over whether Nigeria should open its borders for importation amid the food crisis and forex shortage, the President of the advocacy group, Mr Femi Oyewale, underscores the urgency of coordinated action and innovative thinking.

 

According to him, now more than ever, solidarity, cooperation, and forward-thinking policies are needed to ensure the well-being and prosperity of all Nigerians.

 

“The question of whether Nigerian borders should be opened for food importation in the face of a food crisis is complex and multifaceted. However, there are factors to consider, which basically, Domestic Agricultural Capacity. Because opening borders for food importation could undermine domestic agricultural production by flooding the market with cheaper imported goods.

 

“However, if domestic production is insufficient to meet demand, importing food may be necessary to avoid shortages,” he said.

 

On the economic implications of borders opening, the President of NASRE, Oyewale, said: “Importing food can have economic ramifications, both positive and negative. On one hand, it can provide access to a wider variety of foods and potentially lower prices for consumers. On the other hand, it may negatively impact local farmers and exacerbate trade imbalances.”

 

The resourceful editors, while commenting on Food Security, pointed out that relying heavily on imported food leaves a country vulnerable to supply chain disruptions and price fluctuations in the global market. Therefore, it urged the federal government to develop a robust domestic agricultural sector, which is crucial for long-term food security.

 

According to Oyewale, the Nigerian government must consider its broader economic and agricultural policies when making decisions about food importation. This includes evaluating subsidies, tariffs, and investment in agricultural infrastructure.

 

“Importing food often involves long-distance transportation, which contributes to greenhouse gas emissions and environmental degradation. Promoting local production can help reduce the carbon footprint associated with food consumption.

 

“Food is not just a commodity; it is essential for human well-being. Government policies should prioritize ensuring access to nutritious and culturally appropriate food for all citizens, particularly those most vulnerable to food insecurity,” he added.

 

The Nigerian Association of Social and Resourceful Editors, NASRE, therefore, noted that the decision to open Nigerian borders for food importation during a food crisis should be approached cautiously, taking into account the country’s domestic agricultural capacity, economic implications, food security goals, environmental concerns, and social welfare considerations.

 

“A balanced approach that supports both domestic production and responsible trade practices may be necessary to address immediate food shortages while also promoting long-term food security and sustainability,” the Association stated.

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EFCC Arraigns Five Nigerians For Allegedly Tampering With, Forcibly Accessing Forfeited Property In Lagos

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The Economic and Financial Crimes Commission (EFCC) has arraigned five individuals for allegedly tampering with a forfeited property.

Lagos Zonal Directorate arraigned the suspects before Justice A.O. Owoeye of the Federal High Court in Ikoyi, Lagos, on Tuesday.

The defendants, Benjamin Okoye, Moughalu David Arinze, Okey Okeke, Ekene Mgbeokwere, and Eboh Thaddeus, were charged alongside Ilongwo Angela, who is currently at large.

The charge pertains to their alleged unauthorized occupation and tampering with a property located at Plot 165C, Block 12, Amuwo Odofin, Ajayi Street, Diamond Estate, Lagos, which is under an interim forfeiture order to the Federal Government.

The count reads: “That you, Ilongwo Angela (now at large), Benjamin Okoye, Moughalu David Arinze, Okey Okeke, Ekene Mgbeokwere, Eboh Thaddeus, sometime in July 2024 in Lagos State, within the jurisdiction of this Honourable Court, without due authorization dealt, with the property of Obinna Ezenwaka situate and located at Plot 165C, Block 12, Amuwo Odofin, Ajayi Street, Diamond Estate, Amuwo Odofin, Lagos, subject of interim forfeiture to the Federal Government of Nigeria, and you thereby committed an offence contrary to and punishable under Section 32(1) of the Economic and Financial Crimes Commission (Establishment) Act, 2004.”

According to Dele Oyewale, EFCC Head of Media & Publicity, their actions contravened Section 32(1) of the EFCC Establishment Act, 2004. The defendants pleaded not guilty to the charge.

Prosecution counsel Hannatu U. KofarNaisa informed the court that the EFCC was ready to proceed with the trial and presented a witness to testify.

However, the defense counsel, M.C. Odo, representing the first to fourth defendants, requested bail for his clients, citing their prolonged detention. Counsel for the fifth defendant, N. Chukwuemeka, also referenced a prior bail granted to his client.

In response, KofarNaisa stated that she had not received the defense counsel’s bail applications. The court confirmed this and adjourned the case to January 24, 2025, to rule on the bail requests.

The prosecution called Abubakar Mohammed, an EFCC operative and custodian of forfeited assets, as its witness. Mohammed testified that on July 22, 2024, during an inspection of the property, he met the defendants and informed them of its interim forfeiture status.

“Despite being asked to vacate the property, the defendants later broke the padlock and returned,” Mohammed said.

He confirmed their arrest for tampering with the forfeited asset.

The court admitted the interim forfeiture order dated October 6, 2017, as evidence and marked it as Exhibit A. Mohammed further disclosed that the property was subject to a final forfeiture order from the Lagos State High Court.

Justice Owoeye adjourned the trial to February 14, 2025, for the continuation of proceedings, allowing the prosecution to submit additional documents.

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Suspect arraigned for allegedly stealing bank’s N1.1bn

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A 43-year-old man Sunday Ozimede, who allegedly hacked Moniepoint Microfinance Bank Vault and stole the sum of N1,190, 728, 076 bn, from the bank, was on Monday arraigned by the police before the Federal High Court in Lagos State.

The defendant is facing three counts bordering on conspiracy, hacking and obtaining by false pretence preferred against him by the Police Special Fraud Unit.

The PSFU’s Prosecution Counsel, Justine Enang, told the court that the defendant allegedly hacked the microfinance bank and obtained the sum of N945, 728,076m, by false pretence.

Enang told the court that the defendant caused financial loss to Moniepoint Microfinance Bank to the tune of N145m, by planting a bug in the bank’s data system.

He said Ozimede and others now at large conspired, amongst themselves, to commit the alleged offences sometime in May 2024.

The prosecutor told the court that Ozimede fraudulently diverted the above-mentioned money from various Moniepont Microfinance Bank’s customers’ deposited funds through numerous transactions to other banks.

According to the prosecutor, the offences committed contravened Sections 27 (i)(b),14 of the Cyber Crimes (Prohibition, Prevention etc) Act, 2015 as Amended in 2024, and Section 14 (1) of the same Act, and 18(2) (b) & (d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

However, the defendant pleaded not guilty to the charges against him.

Following his not-guilty plea, the prosecutor urged the court to remand him to a correctional centre pending the conclusion of the trial and asked the court for a trial date.

The defendant’s lawyer, Abdulmalik Ibrahim, in a motion for bail, pleaded with the court to admit his client to bail in the most liberal terms.

But the prosecutor opposed the bail application and accused the defendant of being a ‘flight risk’, saying that he might not turn up for his trial if granted bail.

Justice Ambrose Lewis-Allagoa, after listening to the parties’ submissions, admitted the defendant to bail in the sum of N50m, with one surety in like sum.

The judge also ordered that the surety must be a landed property owner within the jurisdiction of the court.

He added that the bail terms must be verified by the court’s registrar and the prosecutor.

The case was adjourned to March 13, 2025, for trial.

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Why we slammed ban on two Nigerian companies – World Bank

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The World Bank Group has explained why it announced a 30-month debarment of two Nigerian companies, including Viva Atlantic Limited and Technology House Limited.

The Washington-based bank disclosed this in a statement issued on Monday.

The ban also affected their Managing Director and Chief Executive Officer, Mr. Norman Didam.

The World Bank said the companies and their CEO were banned for fraudulent, collusive, and corrupt practices linked to the National Social Safety Nets Project in Nigeria.

Accordingly, the bank explained that the project aimed to provide targeted financial assistance to poor and vulnerable households, which was compromised due to several unethical practices during a 2018 procurement and subsequent contract process.

“The World Bank Group today announced the 30-month debarment of two Nigeria-based companies—Viva Atlantic Limited and Technology House Limited—and their Managing Director and Chief Executive Officer, Mr. Norman Bwuruk Didam.

“The debarment is in connection with fraudulent, collusive, and corrupt practices as part of the National Social Safety Nets Project in Nigeria.”

We earlier reported that the companies were indicted for fraudulent handling of the World Bank’s project in Nigeria.

Last year, the Nigerian government secured a $1.5 million loan from the World Bank for key economic reforms, which include fuel subsidies and the introduction of comprehensive tax policies.

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